Debt reduction using Debt consolidation Hints how to simply help.
debt consolidation loans service on Debt reduction from Debt reduction Australia how to tips including local info answers to reducing debt real life debt reducing
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from Debt reduction Australia. Debt consolidation can quite often be the one step needed to reduce debts. It
is more often either the first or final step in a group of steps leading to debt reduction. Either way, when
you go to consolidate debt, be sure to get various opinions as it seems we were almost led up the garden path,
in 2002, by Fox Symes, a local Gold Coast debt consolidation loans service.
Banks did not want to help:
We had been using the Match the payday plan but were wanting to close a couple of Credit cards all together, but
one of the banks did not want to go that way. A friend suggested we look at consolidating our debts to get
around the uncooperative bank. So we did and thankfully sought the opinion of three or so debt consolidators,
as at the time the best solution Fox Symes had for us was to go bankrupt, the others said they could not get our
debt down further than what we had, as we had done an excellent job researching and applying the information to
our situation. Six years later we are making a comfortable living on-line, though, through healthy habit, still
pay bills and any debts fortnightly, if not upfront.
Debt consolidation was not an option for us:
The only reason debt consolidation was not an option for us, was due to the fact that the total sum to be
paid each fortnight on the debts, had managed to get to the point of being the same either way. This is not
necessarily unusual, just not very common when the people trying to reduce the debt had not previously
spoken to financial advisers on the particular situation. However, if we find a consolidator who sees the
same value in going through with the consolidation as us, at the right rates etc, we will do the consolidation,
thus saving more money to use on reducing debt and the chance thereof. But then we would not be able to use an
interesting trick we picked up a few years back.
Hints for reducing Debt
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A wise debt reduction strategy:
The interesting trick we found to use to reduce debt, which ironically is ass backwards to what you would
think, is to occasionally use a credit card of lower interest rate to pay a lump sum on a higher rated
credit or store card. For example, we had the balance on the visa card we have not closed increased. We
then took a cash advance from it to pay a chunk off of our GE card. Later we were offered to transfer our
visa to Master card for a lower interest rate after a interest free period, so we took that offer. Another
advance, another chunk off GE. All the while we still were paying by the Match the payday plan. Therefore
continually reducing the debt, though it was being increased by the advances and occasional purchase.This
trick however, can not be used as a regular payment method. That will most definitely get you in worse
trouble. Making debt consolidation, if still a viable option, a must. That would mean no more credit cards
for a while.
Government can maybe help you:
Another form of debt consolidation, which is more restrictive on you, can be organized with the assistance
of the financial adviser in your local Centerlink office, social security for those outside Australia. This
apparently involves court orders being issued, you being put on a budget controlled by an entity nominated
by the court, and given an allowance out of the money not used for rent and bills to live on till the next
payday. According to the chief whinge, who was not too bright either, that was telling me about this
arrangement, he was ordered on to it by the Government as he was on benefits when a bankruptcy was filed
against him by a finance company. Anyway he felt he could do it on his own now his debt was almost gone,
but his gripe was he would have to waste hours filing a hearing with the court and getting together
evidence to prove to the court that he was worthy to release control of his finances back to him. Why I
say this fellow was a whinge is because he was actually whinging about how the government intervened when
they did and he wanted to spend what he wanted on what he wanted.
The downside of debt consolidation:
Unfortunately there are some that just do not learn, they get the debt consolidation loan, yet they still
stuff it up. They go round discouraging people who are new to the situation and who can be influenced,
putting these people off debt reduction by debt consolidation, only making matters worse for all concerned.
They are the ones who really need someone else to run their finances for them free of charge just to keep
them afloat. Quite often these poor souls are making all the right sounds, trying to do the right things,
but do not even relize they maybe having that extra difficulty because they need that enforcement. Maybe
you are one of these people. Sometimes I wonder if I am, then I remember, my partner and I pull each other
up. But I have to admit there have been a few times in the past when handing the financial reigns over to
a court appointed party has looked pretty damn inviting just to help reduce the stress.
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